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Rapid urbanization and the expansion of residential and commercial estates have led to increased consumption of gas as an energy source. Smart gas technology solutions provide an efficient and reliable solution to the utility industry and are expected to favorably impact the smart gas market growth over the forecast period.Surge in government investment to develop smart grid and smart gas pipeline networks and rise in urbanization across the developing economies such as China and India drive the growth of the global smart gas market. However, lack of awareness among consumers regarding smart gas system restrains the market growth. Furthermore, government initiatives to promote smart energy management is expected to provide new growth opportunities for the market player in near future.
The global smart gas market generated $12.66 billion in 2018, and is estimated to reach $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026.
The report offers a detailed segmentation of the global smart gas market based on component, device type, end-user, and region.
Based on device type, the automatic meter reading (AMR) segment accounted for the largest share in 2018, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the advanced meter infrastructure (AMI) segment is expected to register the highest CAGR of 19.3% from 2019 to 2026.
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Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the service segment is estimated to portray the highest CAGR of 18.7% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 21.1% from 2019 to 2026.
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Profiling Key Players: Leading market players analyzed in the research include General Electric, Diehl Stiftung & Co. KG, Landis+Gyr, Itron Inc., Verizon, Schneider Electric, Sensus, a Xylem brand, Oracle, Capgemini, and ABB.
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